product market, target market & segmenting market

a.all sellers offer exactly the same product.
b.one firm has achieved a competitive advantage.
c.all sellers offer products that are unique and innovative.
d.sellers offer very close substitute ways of satisfying potential customers' needs.
e.sellers offer substitute products which are quite different physically or conceptually.

Question 2
Which of the following types of dimensions would be the most important if one were particularly interested in why some target market was likely to buy a particular brand within a product-market?

Question 5
Which of the following is NOT part of a product-market definition?

a.information about consumer needs
b.information about the final customer (or user) of the product
c.information about which specific retailers will sell the product
d.a description of the type of product
e.All of these should be included.

Question 6
Which of the following segmenting dimensions probably would be LEAST LIKELY to result in segments that would meet the criteria that product-market segments should be "operational?"

a.develop a marketing mix.
b.treat all the countries in the "foreign market" as one segment.
c.segment by country or region--looking at demographic, cultural, and other characteristics.
d.list the suppliers who serve the market.
e.consider the number, size, kind, and location of business and organizational customers.

Question 8
A food processor considering snack-food opportunities identified three possible market segments and gave them "nicknames:" the dieters, health faddists, and nutrition-conscious parents. It developed a marketing mix around a line of good tasting, nutritious children's snacks. The firm is apparently:

a.relying on cluster analysis techniques.
b.using a multiple target market approach.
c.using a single target market approach.
d.using a combined target market approach.
e.ignoring the criteria that good market segments should be operational.

Question 9
According to the text, segmenting:

a.is a disaggregating or "breaking down" process.
b.assumes that each person should be treated as a separate target market.
c.assumes that all customers can be clustered into profitable market segments.
d.is an aggregating process.
e.uses scientific rules to decide how many submarkets exist.

Question 10
Which of the following is MOST LIKELY to be a DETERMINING dimension with respect to purchase of a particular brand of coffee?

a.taste
b.income
c.age
d.sex
e.none of the above

Solution Preview

Question 1
A "product-market" is a market in which:

a.all sellers offer exactly the same product.
b.one firm has achieved a competitive advantage.
c.all sellers offer products that are unique and innovative.
d.sellers offer very close substitute ways of satisfying potential customers' needs.
e.sellers offer substitute products which are quite different physically or conceptually.

d.sellers offer very close substitute ways of satisfying potential customers' needs. This is a market for one product.

Question 2
Which of the following types of dimensions would be the most important if one were particularly interested in why some target market was likely to buy a particular brand within a product-market?